Archive for January, 2010
January 30th, 2010 | 
Author: RISMEDIA, January 22, 2010—Better Homes and Gardens recently revealed proprietary research and insights on what consumers are looking for in their next home and overall priorities guiding current and future home improvement projects.
In a speech at the NAHB International Builders Show, Eliot Nusbaum, Better Homes and Gardens Executive Editor Home Design, presented the results of the Next Home Survey along with reported trends from a nationwide network of field editors, the magazine’s Home Improvement Challenge and editorial coverage.
The survey of nationwide potential new home buyers and existing home owners who are planning improvements in the next few months found top priorities to include price, energy-efficiency, organization and comfort.
“Not surprisingly, we continue to see a ‘cents and sensibility’ approach when it comes to buying or improving a home, with practicality and price being top priorities,” said Nusbaum. “Today’s homeowner is also looking for a home that fits the entire family–from a multi-tasking home office, to expanding storage space needs, to a living room that can adapt to advancements in home entertainment and technology.”
Future Home Buyers
A Smaller and More Energy-Efficient Home
Continuing the “downsizing” trend, more consumers (36% in 2009; 32% in 2008) expect their next home to be “somewhat smaller” or “much smaller.”
A greener home will be a priority, with 87% planning to have high-efficiency heating/cooling in their next home and 86% planning to have high-efficiency appliances; 24.9% will have geo-thermal heat.
When asked how today’s housing market and economic turmoil have impacted priorities for their next home, 76% said energy-efficient heating and cooling systems will be “more important” and for 70%, Energy Star appliances will be “more important.”
Almost half (48%) say green building practices/materials will be “more important” when purchasing their next home.
An Organized, Multi-Tasking Home with No Wasted Space
The home office is a priority as 59% of consumers plan to have one in the home. Of those, only 28% want a separate dedicated home office space (compared to 64% in 2008), with one-third (33%) now wanting a more multi-purposed space, such as combined office/computer/hobby/craft/art room.
A well organized home is key, with 66% of respondents listing “no-space-wasted” design and 62% listing ample storage space as attributes that will take on more importance.
Also on the ‘wish list’ for the next home is: a separate laundry room (85%); an outdoor grilling and living area (68%); a kitchen with eating area (67%); and an extra bedroom with bath (65%).
America’s love affair with the large garage continues to flourish with 37% of consumers now wanting a 3-car or larger garage compared to 29% in 2008.
A Family-Friendly Home
Nearly two-thirds (62%) of consumers consider a comfortable family gathering space to be top priority in their next home.
Of lesser interest this year is a kitchen, family and everyday eating area combined in one space (49% vs 56% in 2008) replaced by significantly greater interest in a family room partially separated from the kitchen (42% vs 27% in 2008).
There is also an increased desire (51% vs 44% in 2008) for a wall-mounted flat screen TV in the main family living area and for networked computers/home entertainment center (48% vs 43% in 2008).
Home Improvers
“With the economy still a major concern, right now it’s more about the ‘got to’ improvements than the ‘want to’ improvements,” said Nusbaum. “The focus is now on low-cost improvements that will pack a big punch.”
With only 16% feeling “now is the right time to spend” on home improvements vs 38% saying “now is not the right time to spend,” 52% are focusing their efforts on needed repairs and maintenance.
Three-quarters (76%) say the economy has had an impact on their home improvement plans, with half (50%) having changed their home improvement plans during the last year.
Smaller projects prove to be the most popular, such as painting a room (54%), replacing/adding flooring or carpeting (38%), decorating/redecorating a room (35%) and landscaping the yard (30%).
Energy-efficiency is also a focus of future home projects, with respondents placing importance on installation of Energy Star windows/doors (34%), high-efficiency heating/cooling (31%) and Energy Star appliances (31%).
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RISMEDIA, January 30, 2010—After a year of steady declines in home remodeling, the Spring 2010 U.S. Remodeling Sentiment Report reveals a 13% increase in the number of homeowners who say they will remodel in the next 12 months. This increase follows a 5% increase in last year’s Spring 2009 report. The continuing upward swing in remodeling sentiment indicates that 2010 will show a strong increase in remodeling activity.
The Spring 2010 Sentiment Report, a survey of 5,000 homeowners in the U.S. who are considering remodeling, also shows that the recession has had several impacts on U.S. homeowners. These include:
-The most popular projects in the past–remodeling the kitchen and bathrooms–have decreased in popularity, as adding a bathroom has taken the honors of the most popular project. This makes sense since, for many homeowners, updating an existing room can be put off because it is often seen as a “luxury,” while for many, the addition of a bathroom is a necessity due to changes in the needs of the family.
-Interest in do-it-yourself projects, both the actual building as well as acting as their own general contractor, has remained steady throughout the economic downturn.
-Economizing on the cost of materials is growing in popularity at the same time, as fewer homeowners are reporting they will use expensive materials for their remodel. The percentage of homeowners reporting they will use average costing materials remains the same.
-The number of homeowners reporting they are “excited” about remodeling has climbed to an all-time high of 54%, which is primarily due to homeowners who aren’t excited about remodeling choosing to put their plans on hold to wait until the recession is over. This may be a costly choice for homeowners since the cost to remodel now is as much as 20% lower than in 2006, according to a special cost to remodel study published earlier this year.
Summary Results from the Report
Homeowners who report they: 2008 2010
Plan to hire a general contractor 66% 64%
Plan to do some of the remodeling work 67% 66%
Are excited about remodeling 48% 54%
Plan to remodel a bathroom 49% 42%
Plan to remodel the kitchen 55% 48%
Plan to add a bathroom 49% 53%
For more information, visit www.remodelormove.com.
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“Reprinted from RISMedia Real Estate News Service January 2010 with permission of RISMedia, Inc. rismedia.com, Copyright 2010. All rights reserved.”
Please click the link below to view a short video explaining the homebuyer tax credit.
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http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=231319
HUD and CPSC issue guide on identifying toxic drywall
WASHINGTON – Jan. 29, 2010 – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Consumer Product Safety Commission (CPSC) issued guidance on how to identify the presence of metal corrosion, as well as other indicators of problem drywall in homes. The guidance takes into account visual signs of metal corrosion, evidence of drywall installation in the relevant time period, and the identification of other corroborating evidence or characteristics.
HUD and CPSC’s two-step guidance requires a visual inspection that must show blackening of copper electrical wiring and/or air conditioning evaporator coils; and the installation of new drywall (for new construction or renovations) between 2001 and 2008.
Since metal corrosion can occur for other reasons, the guidance also describes corroborating evidence. For example, homes with new drywall installed between 2005 and 2008 must meet at least two additional criteria based on the chemical analysis of metal corrosion in the home; elemental markers in the drywall; markings on the drywall; or specific chemical emissions from the drywall. Homes with new drywall installed between 2001 and 2004 must meet at least four of those criteria. Collecting evidence of corroborating conditions may require professional assistance and analysis.
“Families have the right to know if their homes contain problem drywall so they can begin the process of doing needed repairs,” says Jon Gant, Director of HUD’s Office of Healthy Homes and Lead Hazard Control. “This guidance offers homeowners, contractors, and state and local authorities a course of action (so they know) if they’re dealing with problem drywall or not.”
The Federal Interagency Task Force on Problem Drywall developed the preliminary identification guidance. Additional analysis will continue to validate these methods and HUD says the identification guidance may be modified as necessary.
FHA-insured families experiencing problems associated with problem drywall may be eligible for assistance to help them rehabilitate their properties. HUD’s Community Development Block Grant (CDBG) Program may also be a resource to help local communities.
Homeowners who believe they may have problem drywall should report to CPSC by calling (800) 638-2772 or logging on to www.cpsc.gov/cgibin/drywall.aspx. Hearing- or speech-challenged individuals may access the phone number through TTY by calling the toll-free Federal Relay Service at (800) 877-8339.
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Banks pursuing payback from walkaways
NEW YORK – Jan. 29, 2010 – Increasingly aggressive mortgage lenders are seeking to collect deficiencies from former homeowners who walked away from their properties or sold them in short sales.
Many states, including Florida, give mortgage holders as long as five years to seek a deficiency judgment. If granted, the bank gets up to 20 years to collect and the option to renew for another 20 years if the debt isn’t paid.
About one-third of U.S. states, including California and Arizona, prohibit collection efforts after foreclosure, but homeowners usually waive that protection in a refinance.
Most states allow collection on unpaid home-equity loans.
Banks are most likely to try to collect from people who walk away from a property on which they are still making payments.
“The bank is going to pull your credit report, and if you’re current on your other bills, they are going to come after you and potentially ruin you,” said Larry Tolchinsky, a Florida real estate attorney.
Source: Bloomberg, Kathleen M. Howley (01/28/2010)
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